If You Buy The “ETF ETF,” You’ve Gone Full Retard – Here’s Why
I’ve written a more polite version of this elsewhere, but I think it deserves to
As North Korea Fires Missile, Here’s What Kim Jong-Un Doesn’t Seem To Get
I’ll confess that at this point, I’m not entirely sure what Pyongyang is thinking. There’s always
Goldman Presents The Great “Fade” Trade
“This phase peaked at the end of January this year – we have entered a ‘reflation pausation’. We think this is the result of a combination of worries: (1) Disappointing hard data vs. soft data so far, in particular core CPI, (2) commodity recovery fading and base effect on headline inflation rolling off, (3) Trump optimism fading, (4) European politics moving into the hot phase, and (5) first signs of growth momentum slowing.”
Guest Post: The Last Remaining Cheap Asset
“My delusions about my mad bbq’ng skills are similar to everyone’s belief they are contrarians. Whether it is the NYSE specialist, the Chicago pit local, the Bay Street equity trader, the London credit specialist, or even the guy at home trading in his underwear, we are all consumed by these romantic narratives where we bravely battle the naive masses to nail the next great trade. But the reality is that we can’t all be contrarians. If we were, then it wouldn’t be contrarian”…
Sell In May? One Strategist Looked At The Evidence
“The results suggest caution for U.S. equity investors next month, with a forecast return of -1.3%. Since 1991, there have been seven prior negative forecasts for May. The average return of those months has been -1.29% with a median of -0.91%. Four of the seven delivered negative returns.”
Does This Chart Show The Market Is Too Negative On Tax Reform?
Or it “might be,” that trotting out a double-spaced one-pager that looks like it walked out of a high school student’s Trapper Keeper and calling it the most important tax plan in the history of the country further underscores how truly inept this administration is.
‘Liz Warren Keeps It Real: Blasts Obama For Wall Street Speech, Clowns O’Reilly
“Ohhhh! Sweet! Sweet.”
GDP Misses – But Hey, It Could Have Been Worse
U.S. First Quarter Advance GDP Grew 0.7%; Est. 1%.
Euro On Track For Best Week Since June After Inflation Hits ECB Target
Earlier this morning, we noted that Japan tried to release a whole bunch of ostensibly important
Japan Tried To Release Some Data – And Then Along Came Trump With A “Major, Major” War
Friday is a data-ish kind of day. And while it’s pretty hard to make that interesting
Trader: The “Only Option” Is To Be Optimistic
“It might be that the narrative has become so negative that, soon, the only option will be for optimism to increase.”
Key Calls (Friday): Upgrades, Downgrades, & Initiations
Are your stocks on the list?
One Manager Warns: “Today’s Weapon Of Mass Destruction Is A 3-Letter Word: ETF”
“The weapons of mass destruction during the Great Financial Crisis were three-letter words: CDS (credit default swap), CDO (collateralized debt obligation), etc. The current weapon of mass destruction is also a three-letter word: ETF (exchange-traded fund). When the world decides that there is no need for fundamental research and investors can just blindly purchase index funds and ETFs without any regard to valuation, we say the time to be fearful is now.”
Does This Market Have Bad Brea(d)th?
“Some investors worry that the index’s earnings and price rely too heavily on a small number of companies, making the broad market vulnerable to a potential shock suffered by one of those firms.”
Don’t Look Now, But Something Cracked On Tuesday
One of the questions we’ve been asking for some time now is this: “when will
Caught On Tape: Alex Jones Admits He’s A Fraud – “It’s Satire!”
I’ll admit that I can’t quite decide how to frame the ongoing Alex Jones versus
“Don’t Believe The Hype”: 2 Charts Suggest Central Banks Are Not All Powerful
“It’s always a good idea to challenge preconceived notions by delving into the data. Sometimes we find our convictions are strengthened, which gives us the confidence to look through market noise. Occasionally, however, we find an answer other than the one we’re looking for.”
4,000 People Were Asked About Trump’s First 100 Days – This Word Came Up Most
Ok, so allow us to frontrun the criticism right off the bat by conceding that
Epic: One Strategist Explains Why This Market Is Like Wile E. Coyote
“A coyote walks floating in the air above the precipice, and it falls only after it looks down and becomes aware of how it has no support beneath its feet – as if it has momentarily forgotten the natural laws its body has to obey, and has to be reminded of them.”
“Amazingly,” This Trade Is Probably Going To Work However You Put It On
“Amazingly, that 110 bps increase in the percent of sales was the biggest acceleration in non-store retailing since we have data going back to 1993, and was as big as the prior two years combined.”
Guest Post: “The Chance Of A Melt Up Has Never Been More Intense”
“Yet too many investors mistakenly believe good old fashioned fundamentals still drive financial asset markets. Nothing could be further from the truth. Since the 2008 credit crisis, Central Bank flows have made a mockery of financial pricing theory.”
The Retail “Big Short” Goes Mainstream As WSJ Touts The CMBX 6 Trade
Well, it’s official. The CMBX 6 trade has gone mainstream. And predictably, just in time
Le Pen Stand-In Says It’s “Bullshit” You Keep Bringing Up That Time He Denied The Holocaust
“This is the first time I hear this kind of bullshit, I have no memory of it. Maybe I gave an interview but these are not my favorite subjects.”
Euro Jumps On Draghi “Diminished Risks” Remark – Then Gives It All Back
DRAGHI SAYS DOWNSIDE RISKS TO ECONOMY HAVE FURTHER DIMINISHED
Kuroda Shrugs, Twitter Lampoons Sweden, Deutsche Crumbles: Welcome To Thursday
Ok, so as detailed earlier this morning, the first thing you should note about the
Confused About Trump’s Tax Plan? Goldman Has Your Back With A Handy Q&A
“This suggests that tax legislation is unlikely to become law before Q4 2017. While enactment shortly before year-end is a clear possibility, we believe it is more likely to become law in Q1 2018.”
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